There is little doubt that at least 1017 g of water has accreted on the moon as a result of the reduction of ferric iron at the regolith surface by solar wind protons, the vaporization of chondrites, and perhaps comet impacts. Lacking an efficient escape mechanism, most of this water (or its progeny) is probably on the moon now. If the water were to have migrated to permanently shaded cold traps near the lunar poles, ice deposits with densities greater than 1000 g cm-2 would cover the traps, providing accessible resources. However, exospheric transport considerations suggest that the actual amount of water ice in the cold traps is probably too small to be of practical interest. The alternative is global assimilation of most of the water into the regolith, a process that must account for about 30 micromoles of water per gram of soil. ¿American Geophysical Union 1991